Deep Learning Market to Grow $9,637.9 Million by 2027: at 29.6% CAGR

ReportCrux Market Research has published a new report titled “Deep Learning Market by Component (Software, Hardware, and Services [Integration Services, Installation Services, and Maintenance & Support Services]); by Application (Signal Recognition, Image Recognition, Data Mining, and Others); by End User (Fintech, Marketing, Manufacturing, Human Resources, Retail, Healthcare, Automotive, Law, and Others); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.

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Market Size 2019-2027:

According to the report, global demand for deep learning market was valued at approximately USD 1,211.0 Million in 2019 and is expected to generate revenue of around USD 9,637.9 Million by end of 2027, growing at a CAGR of around 29.6% between 2020 and 2027.

Market Analysis and Overview: Global Deep Learning Market

Deep learning (DL) can be described as an area of advanced machine learning that uses multiple processing layers and refined learning algorithms to achieve deeper learning and easy data decryption. It is also known as deep organized learning, deep machine learning or hierarchical learning. Deep learning makes use of several layers of computation in which a single question can be addressed in several ways to find the best way to deal with the difficulty. Deep learning gets its name because the data is passed through multiple non-linarites before it is cleared as an output. Improved applicability in the automotive and healthcare industry is expected to contribute significantly to the growth of the industry. This technology is ahead in its popularity due to the complex data driven applications like voice and image recognition. It provides an immense investment opportunity because it can exploit other technologies to address the challenges of large processing capacity, large data volumes, and enhanced data storage.

The rapid increase in the amount of data produced in the various end user industries is expected to provide momentum to the growth of the industry. In addition, the growing need for human and computer interaction provides new growth opportunities for service providers to offer improved solutions. Organizations are investing heavily in incorporating this technology into their product portfolio. In November 2016, SK Telecom announced that it had signed an agreement with Intel Corporation to develop vehicle-to-everything (V2X) technology and deep learning video recognition. In addition, initiatives by government and increased investment are projected to fuel business growth over the forecast period. For instance, the National Development and Reform Commission of China are funding in the construction of deep learning research lab.

Regional and Country-level Analysis

Globally, the market is bifurcated into Asia Pacific, Europe, Latin America, North America, and Middle East & Africa. North America leaded the market with 45% share in 2019. This is mainly due to increased research in artificial intelligence and neural networks. The high level of picture adoption and identification of trends in the area is expected to open up new growth opportunities in the forecast period. In addition, the region is one of the early adopters of emerging technology, allowing organizations to implement deep learning capabilities at a faster pace. Europe has made a major contribution to business growth, as a range of new steps have been taken to support the region's artificial intelligence sector in order to accelerate innovation and create a digital economy. This, in effect, has created significant opportunities for growth in the deep learning area.

Segmentation Analysis:

The market for the deep learning is bifurcated into end user, component, application, and region. By component, the market is segmented into software, hardware, and services. The services segment is further divided into integration services, installation services, and maintenance & support services. The software segment dominated the market with almost 47% share in 2019 as this segment is undergoing revolutionary transformations heading towards deep and machine-learning software as a service (SaaS). These approaches not only coordinate and analyze data, but also compromise knowledge to produce predictions and conclusions.

On the basis of application, the market is categorized into image recognition, data mining, signal recognition, and others. The image recognition segment held almost 39% share of the market in 2019. One of the most commonly used implementations of this technology is Facebook's facial recognition tool. It is commonly used to identify trends in unstructured data including text, voice, images, and video. Furthermore, the widespread adoption of image recognition in the vertical security and healthcare sectors is expected to support the growth of market. Industries such as automotive and financial services are planning to embrace them in order to improvise their processes and improve their products in order to generate more value for industry and customers.

Based on the end user, the global market for deep learning is segmented into fintech, marketing, manufacturing, human resources, retail, healthcare, automotive, law, and others. The automotive industry accounted for a significant share in the market owing to the transition in vehicle operations from car ownership to private cars. Automakers are aware of the effects of self-propelled cars and are incorporating this technology in their ecosystem. For instance, in its camera-based technology, Audi uses deep learning algorithms to identify traffic signals by their characters and shapes.

TO UNDERSTAND HOW COVID-19 IMPACT IS COVERED IN THIS REPORT on Deep Learning Market

Major Key Players of 2020 Deep Learning Market Report:

Major players in deep learning market are Google, Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Microsoft Corporation (U.S.), Xilinx, Inc., (U.S.), Micron Technology, Inc. (U.S.), IBM Corporation (U.S.), Sensory, Inc. (U.S.), Skymind, Inc. (U.S.), NVIDIA Corporation (U.S.), and Qualcomm Incorporated (U.S.) among others. Central companies are engaged in mergers and acquisitions to tackle the challenges of designing sufficient hardware and increasing market penetration. For example, in August 2016, Intel Corporation announced the acquisition of Nervana Systems to take over the production of the hardware chipset platform.

The report segments of global Deep Learning market are as follows:

By Component

· Software

· Hardware

· Services

• • Integration Services

  • Installation Services

  • Maintenance & Support Services

By Application

· Image Recognition

· Signal Recognition

· Data Mining

· Others

By End User

· Fintech

· Marketing

· Manufacturing

· Human Resources

· Retail

· Healthcare

· Automotive

· Law

· Others

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The report highlights in-depth quantitative as well as qualitative insights, historical data, and market size projections till 2027. It also gives a perspective on manufacturers, associations, specific organizations, industries, companies, and suppliers that work to expand their business worldwide. Value chain analysis of the industry is explained in detail this providing a clear view of key mediators involved. The report studies the global Deep Learning market size from the company, major regions and countries, products type, end users and applications, background information, and also predictions to 2027.

In depth competitive landscaping, recent developments by competitors and product pipelines are covered in the report. Further, the report focuses on various strategies adopted by different key stakeholders with respect to product marketing. The consumption or sales revenue, consumption market share and its growth across the applicable regions is described in detail in the report. In addition, it also studies the sales channels and strategies that are adopted by different leading manufacturers.

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